Will Meme Coins Win the Race Against The King of Crypto(Bitcoin)

The cryptocurrency market which continues to battle a lot of uncertainty has another battle to tackle with meme coins.
Is it wise to invest in meme coins even though they are of little value and a few are outright scams?

Can the meme coins outdo the kings of cryptocurrency? Dogecoin and Shiba Inu are alternate coins. Their existence is highly dependent on a community-based approach. This is evident that meme coins cannot pose any relevant competition to Bitcoin and Ethereum. These are the coins considered ” Big Sharks ” in the crypto sea. The structure and utility of meme coins are over hyped by social media platforms. The question still remains. Do the alternate coins hold the potential to top the cryptocurrency rank list?

The founders say they created Dogecoin to poke fun at Bitcoin (BTC). Dogecoin was initially started as a joke in 2013. Its popularity grew due to social media and the sharing of memes hence the name (meme coins). Unlike Bitcoin, dogecoin has no limit to the total number of coins in existence. Should you invest in meme coins? While some are ranked among the top cryptos by market cap, potential buyers should understand that most meme coins offer little value, and a few are outright scams. Dogecoin has a market capitalization of more than $85 billion, and trailing behind it is Shiba Inu with close to $38 billion. However, it would be naive to write off meme coins in the current bear market.

https://twitter.com/Best_Meme_Coins

The market cap of Ethereum is $208,453,641,353. This is less than half of Bitcoins Market cap. The price of Ethereum has risen by 0.29% in the last hour while that of bitcoin has dropped by 0.05%. Meme coins are devoid of any intrinsic value. They are valuable, in terms of market capitalization, but are based purely on entertainment.

In 2022 Dogecoin is ranked number one as the best meme coin to be bought for a long-term investment. It is also one of the most undervalued cryptocurrencies in the market in 2022. Dogecoin was founded on December 6th, 2013, making it the first meme coin in the market

Name

Price

1h %

24h %

7d %

Market Cap

Dogecoin1DOGE

$0.06869

0.72%

1.30%

15.35%

$9.11B$9,113,759,265

Shiba Inu2SHIB

$0.00001321

0.60%

0.70%

10.86%

$7.25B$7,253,563,484

151

Dogelon Mars3ELON

$0.00000031

0.77%

1.39%

11.85%

$170.60M$170,597,912

Gaurav Mehta, the CEO, of Catax, said

“Definitely there is a lot of excitement among people. A majority of investors do not understand cryptocurrency and blockchain. Meme coins like dogecoin and Shiba Inu are temporary phenomena,”

It is proven that for cryptocurrency-based investors, the risk-reward profile of Ethereum, Bitcoin, and larger alt coins such as Cardano is considered more viable compared to meme coins.

Sharat Chandra, vice president – of Research and Strategy, EarthId, said

Meme coins are like penny stocks that will continue to entice newbies and speculators in crypto markets. However, those with a long-term investor mindset tend to evaluate crypto tokens dispassionately and take protocol fundamentals into account while making investment decisions